To the Members of Paired Technologies Limited (formerly Four Soft Limited) Report onthe Financial Statements

1. We have audited the accompanying financial statements of Paired Technologies Limited(formerly Four Soft Limited), ("the Company'*), which comprise the Balance Sheet asat 31 March 2014, and the Statement of Profit and Loss and Cash Flow Statement for theyear then ended, and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements, thatgive a true and fair view of the financial position, financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in India,including the Accounting Standards referred to in sub-section (3C) of Section 211 of theCompanies Act, 1956 ("the Act") read with the General circular 15/2013 dated 13September 2013 of the Ministry of Corporate Affairs in respect of section 133 of theCompanies Act, 2013. This responsibility includes the design, implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India, Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, theauditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of Company's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management, as well as evaluating the overall presentation of thefinancial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us, the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31March 2014;

ii) in the case of the Statement of Profit and Loss, of the profit for the year endedon that date; and

iii) in the case of the Cash Flow Statement, of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order, 2003 ("the Order")issued by the Central Government of India in terms of sub-section (4A) of Section 227 ofthe Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and5 of the Order.

8. As required by sub-section (3) of section 227 of the Act, we report that:

a. we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b. in our opinion, proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c. the financial statements dealt with by this report are in agreement with the booksof account;

d. in our opinion, the financial statements comply with the Accounting Standardsreferred to in sub-section (3Q of Section 211 of the Act read with the General Circular15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section133 of the Companies Act, 2013; and

e. on the basis of written representations received from the directors, as on 31 March2014 and taken on record by the Board of Directors, none of the directors is disqualifiedas on 31 March 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of Section 274 of the Act.

For Walker Chandiok & Co LLP

(formerly Walker, Chandiok & Co)

Chartered Accountants

Firm Registration No.: 001076N

per Sanjay Kumar Jain

Partner

Membership No.: 207660

Place: Hyderabad

Date: 30 May 2014

Annexure to the Independent Auditor's Report of even date to the members of PairedTechnologies Limited (formerly Four Soft Limited), on the financial statements as at andfor the year ended 31 March 2014.

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit, we report that

(i) (a) The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner over a period of three years,which, in our opinion, is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the Company has disposed off a substantial part of the fixedassets, which, however, in our opinion has not affected the going concern status of theCompany.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and material discrepanciesnoticed on physical verification have been properly dealt with in the books of account.

(iii) (a) The Company has granted unsecured loans to two parties covered in theregister maintained under Section 301 of the Act. The maximum amount outstanding duringthe year is Rs.32,804,587 and the year-end balance is Rs.Nil.

(b) In our opinion, the rate of interest and other terms and conditions of such loansare not,prima facie, prejudicial to the interest of the Company.

(c) In respect of loans granted, receipt of the principal amount and the interest isregular.

(d) There is no overdue amount in respect of loans granted to such parties,

(e) The Company has not taken any loans, secured or unsecured from companies, firms orother parties covered in the register maintained under Section 301 of the Act.Accordingly, the provisions of clauses 4(iii)(f) and 4(iii)(g) of the Order are notapplicable.

(iv) In our opinion, there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory and fixedassets and for the sale of goods and services. During the course of our audit, no majorweakness has been noticed in the internal control system in respect of these areas.

(v) (a) In our opinion, the particulars of all contracts or arrangements that need tobe entered into the

register maintained under Section 301 of the Act have been so entered.

Annexure to the Independent Auditor's Report of even date to the members of PairedTechnologies Limited (formerly Four Soft Limited), on the financial statements as at andfor the year ended 31 March 2014.

(b) Owing to the unique and specialized nature of the items involved and in the absenceof any comparable prices, we are unable to comment as to whether the transactions made inpursuance of such contracts or arrangements have been made at the prevailing market pricesat the relevant time.

(vi) The Company has not accepted any deposits from the public within the meaning ofSecdons 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975.Accordingly, the provisions of clause 4(vi) of the Order are not applicable.

(vii) In our opinion, the Company has an internal audit system commensurate with itssize and the nature of its business.

(viii) To the best of our knowledge and belief, the Central Government has notprescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209of the Act, in respect of Company's products/ services. Accordingly, the provisions ofclause 4(viii) of the Order are not applicable.

(ix) (a) Undisputed statutory dues including provident fund, investor education andprotection fund, employees' state insurance, income-tax, sales-tax, wealth tax, servicetax, custom duty, excise duty, cess and other material statutory dues, as applicable, havegenerally been regularly deposited with the appropriate authorities, though there has beena slight delay in a few cases. Further, no undisputed amounts payable in respect thereofwere outstanding at the year-end for a period of more than six months from the date theybecame payable.

(b) The dues outstanding in respect of income-tax, sales-tax, wealth tax, service tax,custom duty, excise duty, cess on account of any dispute, are as follows:

Name of the statute

Nature of dues

Amount ( Rs.)

Financial year

Forum where dispute is pending

60,939,060

2007-08

Income Tax Appellate Tribunal

The Income Tax Act, 1%1

Income tax

19,023,393

2008-09

Income Tax Appellate Tribunal

17,195,852

2009-10

Dispute Resolution Panel

(x) In our opinion, the Company's accumulated losses at the end of the financial yearare less than fifty per cent of its net worth. The Company has not incurred cash lossesduring the year. In the immediately preceding financialjear, the Company had incurredcash losses.

(xi) The Company has no dues payable to a financial institution or a bank ordebenture-holders during the year. Accordingly, the provisions of clause 4(xi) of theOrder are not applicable.

(xii) The Company has not granted any loans and advances on the basis of security byway of pledge of shares, debentures and other securities. Accordingly, the provisions ofclause 4(xli) of the Order are not applicable.

(xiii) In our opinion, the Company is not a chit fund or a nidhi/ mutual benefit fund/society. Accordingly, provisions of clause 4(xiii) of the Order are not applicable.

(xiv) In our opinion, the Company is not dealing or trading in shares, securities,debentures and other investments. Accordingly, the provisions of clause 4(xiv) of theOrder are not applicable.

Annexure to the Independent Auditor's Report of even date to the members of PairedTechnologies Limited (formerly Four Soft Limited), on the financial statements as at andfor the year ended 31 March 2014.

(xv) In our opinion, the terras and conditions on which the Company has given guaranteefor loan taken by its wholly owned subsidiary from a bank are not, prima facie, prejudicialto the interest of the Company.

(xvi) The Company did not have any term loans outstanding during the year. Accordingly,the provisions of clause 4(xvi) of the Order are not applicable.

(xvii) In our opinion, no funds raised on short-term basis have been used for long-terminvestment by the Company.

(xviii) During the year, the Company has not made any preferendal allotment of sharesto parties and companies covered in the register maintained under Section 301 of the Act.Accordingly, the provisions of clause 4(xviii) of the Order are not applicable.

(xix) The Company has neither issued nor had any outstanding debentures during theyear. Accordingly, the provisions of clause 4(xix) of the Order are not applicable.

(xx) The Company has not raised any money by public issues during the year.Accordingly, the provisions of clause 4(xx) of the Order are not applicable.

(xxi) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit.

Mutual Funds:

Insurance:

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